Top Five Reasons Small Businesses Should Consult a Business Law Attorney
Just how many people does it take to run a small business? Who are the most essential people? Aside from the owner, is it the accountant? Could it be the insurance agent? For certain scenarios, a business law attorney can prove to be indispensable.
A business law attorney will not necessarily play a role in your daily operations. However, here are five of the most likely reasons a small business owner might have to consult a business law attorney:
How will you structure your business? Whether you choose sole proprietorship, partnership, LLC, corporation or nonprofit, the decision-making process should involve a business law attorney. After all, that decision ends up affecting your exposure to personal liability, tax obligations, setup fees and ongoing expenses. Creating and filing the required documents may sound mundane, but are crucial steps in setting up a business and are best handled by a business law attorney.
Once you are up and running, it will be time to hire employees. With that, there will be employee-related issues. The IRS will take interest in whether you decide to hire employees or independent contractors. Only a good business law attorney familiar with those laws will be able to properly navigate these waters and steer you clear of trouble. For example, hiring an independent contractor will require drafting an agreement that specifies the arrangement. However, there is a fine line between independent contractor and employee status and you should consult a business law attorney engaging in this process.
Simply hiring and firing are processes that can require prior consultation. A business law attorney can tell you which questions not to ask during an interview. Minimize exposure by retaining a business law attorney's services.
Contracts are common ground for business owners and business law attorneys. No business owner should sign anything without consulting a business law attorney. If there are problem clauses, the business law attorney will find it. If there is language that needs to be included, the business law attorney will say so. A business law attorney will inform you of your options in the event of a breach of contract. Knowing your legal rights when negotiating contracts is simply smart business.
You will need an attorney if the local, state or federal government files a complaint against your business. If the complaint comes from an employee, your state’s labor department may investigate. If there is an error in last year’s tax return, the IRS will have something to say. Attacks may come from all directions and only a business law attorney can recommend a proper course of action to help you deal with such issues.
Right up until you purchase your first business until right after you sell your last one, you will want a business law attorney to be involved. From the smallest business to the greatest empire, these transactions never get any simpler. Valuing the business, writing acquisition and purchase agreements, performing due diligence and transferring permits and licenses are all on that long list of responsibilities that your business law attorney will guide you through. When you sell, the business law attorney tries to make sure that you get the most value for your business. Stock transfers must be done correctly. When it comes to the buyers, there must be a vetting process and business law attorneys must play a role in the negotiation process.
A business law attorney’s business is helping your business grow and minimizing its legal exposure. Keep that in mind when your business is merely a dream. In order for it to become a reality, you will have to hire a business law attorney. To get the ball rolling, call this office and make an appointment today.
The Law Office of H. Benjamin Sharlin LLC
is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.
Call (609) 585-0606 or click the button below to schedule an appointment